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Bitcoin (BTC) Price To Break Key Resistance With FOMC Minutes?


coingape.com 04 January 2023 16:50, UTC
Reading time: ~2 m

Bitcoin (BTC) Price News: With the FOMC minutes set to be released later in the day, the crypto community is anticipating movement in Bitcoin (BTC) price. The top cryptocurrency’s price has been stagnant around the current level owing to market uncertainties. In November 2022, the crypto market faced a major blow with the liquidation crisis around FTX and Alameda Research. It remains to be seen how the macroeconomic outlook would affect crypto prices.

Also Read: Popular Analyst Bullish On Ethereum Price, Makes First Trade Of 2023

FOMC Minutes Impact On BTC

The crypto trading community pinned its hopes on a positive push for BTC price. More importantly, the outcome for BTC would depend on the Fed’s comments on stopping the interest rate hike at some point this year. The central bank had in its December policy meeting indicated that interest rates would continue to rise in 2023. This announcement led to a price drop in cryptocurrencies. The US Fed’s Federal Open Market Committee (FOMC) announced an interest rate hike by 0.50% in December meeting, leading to a decline in stock prices.

In what appears to be in anticipation of some positive macro news, BTC price is on an upward curve in the last few hours. As of writing, BTC price stands at $16,867, up 1.30% in the last 24 hours, according to price tracking platform CoinMarketCap. Also, the trading volume for BTC rose by around 24% in the last 24 hours. Compared with the price a week ago, the cryptocurrency gained reasonably in value.

Also Read: Another Top Exchange Lists Solana’s BONK, Dries Up SHIB And DOGE Volume

Bitcoin is yet to break the key resistance at $16,900, in the last few weeks. This crucial resistance could be a point of target for traders if there is any positive indication from the FOMC minutes.

Know More: Bitcoin (BTC) Breaks 7-Year Old Record In Inflows; What Does It Mean?

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